By Peter Ferrara,American Spectator
Obama is reliving Keynesianism
The entire U.S. GDP is roughly $14 trillion. The government currently spends roughly $3.5 trillion of that. In his stimulus plan,Obama proposes effectively to borrow another $1 trillion from the private economy to add to $1 trillion in still further government spending.
How exactly is that supposed to stimulate economic growth and recovery? Is America’s economic growth and prosperity produced by increased government spending,deficits,and debt? I don’t think so. The American people don’t either.
But Barack Obama thinks it is so obvious it’s funny. Speaking before a laughing House Democrat Caucus last week,he said,“So then you get the argument,well,this is not a stimulus bill,this is a spending bill. What do you think a stimulus is? [HaHa]. That’s the whole point. [HaHa]. No,seriously. That’s the whole point. [HaHaHa].”